Hertz Global (NYSE:HTZ) stock is flirting with a record low following its third quarter results, even after posting record revenue and better than expected earnings.
The rental car company reported adjusted earnings of $0.70 per share, above expectations of $0.68 per share. Revenue was a record $2.7 billion, up 8.3% year-over-year and in line with expectations.
Hertz attributed the revenue bump to “continued strength in demand, particularly in leisure and rideshare channels, coupled with pricing that was well above pre-pandemic levels.”
Shares of Hertz tumbled more than 11% Thursday afternoon to $9. Zooming out, the stock is down more than 40% over the last three months.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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